🔴An Unemployment Crisis: How We've Been Misled (w/ Art Bilger)

We're sitting with millions of people who are either not counted or are Considered to be employed, but they're not fully employed Working nation is a not-for-profit media enterprise to educate the people of our nation With as to what I believe is the most significant issue we face and that is a potential massive structural unemployment But then the center of the bullseye of our mission is to then educate people across this country as to where the jobs of the future will be and what are the mitigating strategies and solutions and I really do believe this is you know coming on much faster and this There's clearly more understanding today than when I first started thinking about this start coming together might at five and a half years ago But there's still I'm still amazed at how little understanding there is but also so few people are really talking about solutions and so the two words that are associated with working nation to the greatest degree and it's pretty unique is one solutions and to Storytelling. Mm-hmm the slope of the curve of the change in jobs and skills when measured against time has never been so steep and my belief is we can't wait around for conferences and white papers to educate the people of this country and in today's digital world in particular the power of storytelling is That's very powerful. So let's start with the problem is as you see it, I guess where in your career? Did you start to be aware of the? We call it the potential massive unemployment Caused by technology. When did you become aware of that? And and you know, why did you think it was such a such a concern? Really? well It was really on the entry into the Akamai world and then my active involvement for a lot of venture capital Type stuff after that. Mmm. I really and I I wouldn't just wasn't just a passive investor or anything I'd invest in I would you know play a reasonably active role and so I got a very good look at how fast technology was changing the world that we were living in and one of the things being jobs And so the fact that this all came together, it's not that crazy I was you know, I was watching it but the other thing and I'll add you know, really the third leg on the stool So I've talked about my meaty experience I've talked about my technology experience the third leg on the stool that Helped bring this all together in my head was in nineteen 2002 Mike Milken came to me and asked me if I would invest in an online education company that he and his brother and Larry Ellison of Oracle, or were Launching and I looked at it and I finally said to Mike I'll invest but only if I can go on the board and on the executive committee Because I have no idea if I'm gonna make any money But I want to learn about this and the reason is I was already not thinking about the idea of Education and technology Because my kids were going to the finest private schools in Los Angeles and five miles down the road. You can find a very different Circumstance and so I was due to my Akamai experience and so I said Okay, there are platforms out there that what my kids are getting exposed to others could get exposed to via technology So as I said, I've already think about it. Mike was that Approached me with the first one. I did go on the board and on the executive committee I was very actively involved and stayed on the board I think about six years I dropped off the board like the week before we filed to go public Because I didn't really feel like being on another public company board That opened up me to a lot of Education technology investing over the years. So it's really those three media technology and education which really Came together by head and you know started about five and a half years ago But I've pretty much spent the bulk of all my time ever since then focused on it, so I guess the the naive question would be well unemployment is lower than you know, whatever has been before besides maybe World War two, so You know What's what's the problem that you see it about the problem looming about unemployment? And and then how bad do you think that could come? First of all the numbers you're referring to are totally misleading Okay, they're not representative at all the workforce partition participation rate is at one of the lowest levels that it's ever been in and If you're not a participant if you haven't looked for a job within some period of time you are not counted in the denominator We're sitting with millions of people who are either not counted or are considered to be employed But they're not fully employed, you know that individual who used to work 40 hours a week On some assembly line and all of a sudden that assembly lines car gone and now they're working 20 hours a week You know driving uber or whatever. They are considered employed and so the three point seven or three point nine on our number they're talking about now is totally Misrepresents with the Rio what the reality is out there today? You're concerned more around automation and and you know assembly line jobs these kinds of you know Even the jobs of drivers with with driverless cars, you know Is that the what's causing that slope of that curve to be so high? There are really four variables coming together at this all at the same time like never before in history first is globalization Okay, globalization is good in terms of demand for product. But also you got work force out there that becomes available Second being technology and we're talking about artificial intelligence and all kinds of other Technology third is longevity Hmm, if we keep people alive longer, you're keeping units of labor In the workforce or available for the workforce for much longer and then the fourth variable is broken education particularly when you consider Education given the other three factors that are having such dramatic influence And so it's those four things coming together like never before in history is what underlies I believe one the slope of the curve and The other two other things I want to highlight in terms of what really motivates what we're doing this time It's about the heart of America And you know Yes, it's also about the bottom 20% but this time it's also about the heart of America and the two examples I've used for years is the The driverless vehicle. I've been using that example for probably over five years. I Think driving for a living is like the number one job in 32 states in this nation There's a middle class jobs, and I don't know if it's five years or ten years or 15 or 20 years But those jobs are gonna be disappearing The other example I've used for a very long time because there's an area I'm pretty deeply involved in Is how a marketing department of 20 will become a marketing department of two? because of data and analytics and Those eight jobs disappearing are you know? excellent white-collar middle class and upper middle class jobs in New York and LA in Chicago and other throughout the country and Data, and analytics is literally gonna have that type of impact on so many different I believe There won't be an aspect of business government or the not-for-profit world that isn't driven by data and analytics That's the bad news in terms of jobs being lost you You

Channel: Real Vision

Views: 11,922

Keywords: Finance, Markets, Economy, Stock Market, Investing, Trading, Education, Financial Literacy, Recession, Interview, Conversation, Strategy, Insight, Analysis, Facts, Data, Fraud, Entertainment, Thesis, Short Seller, Real Vision, Equities, Technology, Financial System, Venture Capitalism, Innovation, Economic Disruption, Art Bilger, Crisis, Jobs Crisis, Unemployment, Workforce, Automation, Globalization, Longevity, Labor, Middle Class, White Collar, Misleading, Unemployment Rate, Gig Economy

Id: -EUFpTc4jpk

Length: 8min 43sec (523 seconds)

Published: Wed Jul 24 2019